Trusts are often established as part of the estate planning process, and can be used as a tax-efficient means of passing on assets such as land, money and shares. They allow the person responsible for setting up the trust to retain a degree of control as to the way in which the assets which are placed in trust are to be managed for the beneficiaries.
Because the laws surrounding trusts and estate planning are so complex, those wishing to asset up trusts, or have one incorporated into their will, often need to secure the services of a solicitor. The solicitors at Farleys are thoroughly experienced in all aspects of wills and trusts and are on hand to provide you with constructive advice and guidance.
Under what circumstances are trusts usually set up?
Trusts may arise when:
- A beneficiary is too young to handle their affairs
- When an individual is in some way incapacitated and therefore incapable of handling assets
- Passing on money or property whilst you are still alive
- When an individual dies without making a will
What are the benefits of setting up a trust?
Trusts allow the person setting up the trust to control the division of their assets amongst beneficiaries. For example, parents may wish to benefit their children whilst at the same time ensuring that they are not granted unbridled access to the funds until they are mature enough to handle them responsibly.
By placing the money in a trust and appointing trustees this will enable the trustees to handle the funds until such time as your children are old enough to take on the responsibility themselves. Hence your trustees will be able to use the money to provide for your children’s needs, for example, their maintenance, education or benefit. Trusts can also be useful for people who have re-married, yet wish to ensure that provision is made for both their new spouse and any children from a previous relationship.
Thinking of Setting up a Trust? Contact Farleys
Trusts can be created in your lifetime or under the terms of your Will. We can advise on all the options available to you in order to ensure that your specific objectives are met.
If you are interested in setting up a Trust, then speak to an expert at Farleys Solicitors now on 0125 460 6090 or you can e-mail us.